Posts by Mineweb:

Site truck hauling mining

Glencore shares dip on results, bid denial

Commodities trader Glencore (GLEN.L: Quote) is not considering a bid for embattled miner ENRC, its chief executive said, dismissing reports of a takeover after it disappointed the market with its maiden frst-quarter results. Shares in the world's largest diversified commodity trader dropped 2 percent as weaker-than-expected results from its metals and mining trading unit held back its operating profit.
Mineweb | June 14, 2011 | 1:55 pm

Jewellers provide support as gold prices bounce

Gold rebounded on Tuesday after posting its biggest one-day loss in a month in the previous session on growing worries about another global economic downturn, but a weaker U.S. dollar and bargain hunting by jewellers offered support. While signs of a cooling Chinese economy could weigh on industrial metals, dealers expect no change in China's appetite for bullion. Investors were also awaiting a trail of U.S. data later in the day which could set the tone for commodities.
Mineweb | June 14, 2011 | 1:50 pm

Immigration surges as Australia’s mining boom resonates in Europe

About 100 men in their 20s and 30s, filled a conference room at a Dublin hotel last week to hear a migration agent describe the personal fortunes waiting to be made a world away in the booming mining towns of the Australian outback. With unemployment running at close to 15 percent in Ireland, and local wages a fraction of those now on offer in Australia, it appeared to be an easy sell.
Mineweb | June 14, 2011 | 1:18 pm

Gold rallies on jewellery, weaker dollar

Gold rallied on Tuesday as the jewelry sector came looking for bargains, the dollar slipped and investors fretted about the Greek debt crisis. Spot gold was bid at $1,518.64 a troy ounce at 0929 GMT (5:29 a.m. ET) from $1,514.73 an ounce late in New York on Monday when it suffered its biggest one-day loss in a month, touching a three-week low of $1,511.11 an ounce.
Mineweb | June 14, 2011 | 11:28 am
Two smooth gold drops mining

Cote d’Ivoire gold output to double in 2 years

Ivory Coast can double gold output within two years from the current 7 tonnes per year as more miners seek to tap its estimated 200,000 tonnes of reserves, an industry association official said on Friday. "We can double production very quickly within the next two years, because there are several companies carrying out exploration, and it is likely that new sites could start production," said Michel Mian, president of the Interprofessional Mining Group (GPMCI) and head of Australia's Newcrest (NCM.AX) Ivorian operations.
Mineweb | June 14, 2011 | 5:59 am

Kazakhmys $1.5bn Chinese loan for major copper development

Kazakhmys agreed on Monday to borrow $1.5 billion loan from China Development Bank to help develop a large copper deposit in eastern Kazakhstan, officials said at a signing ceremony. The loan, to be disbursed by the end of this year, will enable Kazakhmys to develop the Aktogay copper field in eastern Kazakhstan without selling a stake in the deposit to China's Jinchuan Group Ltd.
Mineweb | June 13, 2011 | 5:27 pm

Nickel heading for major oversupply and prices could dive – Analysts

At a time of scarcity in everything from crude oil to copper to corn, nickel is heading for the biggest glut in four years, driving prices lower into 2012. Next year's surplus will rise to 60,000 metric tons from 12,000 tons in 2011, making nickel the most oversupplied metal relative to output or use, according to Bank of America Merrill Lynch, the most-accurate forecaster tracked by Bloomberg over two years.
Mineweb | June 13, 2011 | 5:23 pm

Glencore said to be mulling $20 billion ENRC takeover

According to a detailed report in the U.K.'s Sunday times newspaper, Global mega commodities group, Glencore, which recently listed in the London stock Exchange's largest ever IPO, is considering a what appears to be a £12 billion (US$20 billion) friendly takeover of European-based diversified mining and metals company, ENRC (Eurasian Natural Resources Corporation). If such a move takes place this would convert Glencore from the world's largest commodities trading group into one of the globe's biggest integrated mining and metals companies - even without taking into account its 35% stake in Xstrata.
Mineweb | June 13, 2011 | 5:18 pm

Giant Chilean copper mine still operating below half capacity

Output at Chile's El Teniente mine, the world's No. 5 copper deposit owned by Codelco, fell on Friday as staff held off a full return to work after contractor protest violence, the company's chairman said. Gerardo Jofre told reporters the mine was operating at 40 percent of capacity, down from around 50 percent on Thursday -- when output was gradually recovering as thousands of contract workers opted to abandon a sometimes violent 17-day walkout over wages at the 404,000-tonnes-a-year mine.
Mineweb | June 12, 2011 | 8:37 pm